Business Wire | July 11, 2018
CARLSBAD, Calif. –(BUSINESS WIRE)– Highview Capital, LLC (“Highview”) today announced that it has completed the acquisition of specialized food service distributor Good Source Solutions (“Good Source” or “the Company”) from Evergreen Pacific Partners. The investment will drive continued growth for Good Source in partnership with the existing management team, which has decades of experience in food distribution.
Good Source, founded in 1989, provides a broad range of food distribution and product solutions to value-focused end markets including education, corrections, non-profit, business & industry and healthcare. The Company also provides value-added services such as packaging, labeling and menu planning to address the unique and complex needs of its customers. Good Source has strong relationships with over 500 global, leading food manufacturers, and its sophisticated procurement system links suppliers with over 2,500 customers across the United States. The Company generates over $200 million in revenue annually.
Rich Friedlen, President and Chief Executive Officer of Good Source, said, “Good Source is proud of the relationships we have forged with our customers and partners, which have enabled us to expand across North America and offer products and services at the best quality and price. Our success is founded on the caliber of our team and our customers’ trust in our offerings. This new partnership positions us extremely well for continued growth and we look forward to working with the Highview team.”
Ryan McCarthy, Founder and Senior Portfolio Manager of Highview Capital, LLC, said, “Rich and the Good Source team have built an outstanding business by leveraging their sophisticated distribution network, industry expertise and relationships. This partnership will empower the Company to further capitalize on a fragmented industry and sharpen its competitive edge. We are excited to support Good Source in the future through both organic initiatives and strategic acquisitions to fuel expansion into new markets.”
About Good Source Solutions
Good Source is a specialized food distributor with sophisticated procurement and logistical capabilities, serving a wide spectrum of value-focused end markets through a national network of facilities. Good Source’s products focus on center-of-plate with an offering that includes poultry, meats, pasta, fruits, vegetables, bakery items, beverages, appetizers, sides, and snacks. Additionally, the Company provides menu & recipe planning and value-added product enhancements addressing complex packaging, labeling, nutrition, and dietary requirements. Good Source serves thousands of public and private-sector customers in the education, correction, food service, healthcare, and non-profit markets, among others.
About Highview Capital, LLC
Founded in 2016, Highview is a $500 million evergreen private equity fund based in Los Angeles. Highview invests in and provides strategic and operational resources to middle-market businesses poised to undergo a transformation. The fund is backed by patient capital from a single LP, allowing it to take a long-term perspective. Highview employs a highly flexible investment mandate and invests in family/founder-owned businesses, corporate carve-outs, value-oriented buyouts and special situations.
About Evergreen Pacific Partners
Evergreen Pacific Partners, which manages two private equity funds totaling $700 million, invests in traditional buyouts, management led buyouts, and growth equity investments involving traditional middle-market companies in the Western U.S. and Canada. Its investors include foundations, endowments, pension funds and West Coast-based CEOs with experience in Evergreen’s target industries.